JLEN Environmental Assets Group Ltd Acquisition (3476U)
01 August 2022 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 3476U
JLEN Environmental Assets Group Ltd
01 August 2022
1 August 2022
JLEN Environmental Assets Group Limited
("JLEN" or the "Company")
Acquisition of a 50 MW battery storage project
JLEN, the listed environmental infrastructure fund, is pleased
to announce the acquisition of a 50% equity stake in Clayfords
Energy Storage Limited ("CESL") from Intelligent Land Investment
Group. CESL holds the development rights to construct a 50MW
lithium-ion battery energy storage plant based in Buchan,
Aberdeenshire, UK.
The investment has been made alongside Foresight Solar Fund
Limited and the acquisition will see JLEN invest up to GBP14.1m.
The project is fully consented and construction ready and is
expected to start commercial operations in Q4 2024.
Storage projects such as this one provide vital support to the
National Grid by reducing system imbalance and enhancing the grid's
ability to harness a greater level of intermittent renewables on
the system. The project will be connected to the Scottish Hydro
Electric Power Distribution plc's distribution network and has a
49.9MW import and export connection.
This acquisition represents JLEN's fifth investment into battery
storage systems, adding to the two co-located batteries that the
Company owns as part of its run-of-river hydro portfolio, as well
as the standalone projects acquired in 2021 - the West Gourdie
project located in Scotland and the Sandridge Battery project
located in Wiltshire, England.
Richard Ramsay , Senior Independent Director of JLEN, said:
"We are pleased to announce JLEN's latest investment into the
energy storage market which is our third grid-scale battery project
and the fifth asset to be added to JLEN's portfolio of battery
energy storage systems. We continue to believe that these projects
play an important role in the decarbonisation agenda by providing
balancing support to the local network and allowing for greater
levels of renewable generation and can also augment the capacity on
the grid during times of high demand which helps to support our
energy security needs."
For f u rt h e r information and enquiries, please c on t a c t
:
Foresight Group
Chris Tanner
Chris Holmes +44 (0)20 3667 8100
Winterflood Investment Trusts
Neil Langford
Chris Mills +44 (0)20 3100 0000
SEC Newgate (For media enquiries) +44 (0)20 3757 6882
Elisabeth Cowell jlen@secnewgate.co.uk
Sanne Fund Services (Guernsey)
Limited
Matt Falla
Gemma Woods +44 (0)14 8175 5530
About JLEN
JLEN's investment policy is to invest in a diversified portfolio
of Environmental Infrastructure. Environmental Infrastructure is
defined by the Company as infrastructure assets, projects and
asset-backed businesses that utilise natural or waste resources or
support more environmentally friendly approaches to economic
activity, support the transition to a low carbon economy or which
mitigate the effects of climate change. Such investments will
typically feature one or more of the following characteristics:
- long-term, predictable cash flows, which may be wholly or
partially inflation-linked cash flows;
- long-term contracts or stable and well-proven regulatory and legal frameworks; or
- well-established technologies, and demonstrable operational performance.
JLEN's aim is to provide investors with a sustainable,
progressive dividend per share, paid quarterly and to preserve the
capital value of the portfolio over the long term on a real basis.
The target dividend for the year to 31 March 2023 is 7.14 pence per
share(1) . The dividend is payable quarterly.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
(1) These are targets only and not profit forecasts. There can
be no assurance that these targets will be met or that the Company
will make any distributions at all.
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